Help with feedback on letter to tenant (cash for keys)

Help with feedback on letter to tenant (cash for keys)

Ori SklootPro Member
Investor · Berkeley, CA · Member since 2016 · 242 posts · 304 votes

Hi Everyone,

I am in contract to purchase a SFD in Oakland.  This could be my first deal that came out of a direct mail campaign.  I have yet to see the inside of the house.  The seller is willing to pay cash-for-keys so that the tenant will vacate prior to close of escrow.  (NOTE: long story as to why we need to do cash-for-keys, but the seller is paying).   Below is the letter I want to send the tenant, any feedback for anything I'm missing?  Any conditions I should add to protect myself?  Thanks for any input.

Dear [Name],

I am following up on our conversations regarding you vacating [Property]. 

Per your request, we are prepared to offer you $1,000.00 to help with your transition under the following terms:

  • The property shall be completely vacated within 90 days of this signed agreement. To be vacant, the property must be empty of all personal belongings inside the house, the garage and anywhere else on the property.
  • All standard fixtures shall remain with the home, including: refrigerator, stove/oven, dishwasher, laundry washer and dryer, lighting fixtures, bathroom and kitchen hardware.
  • Upon execution of this agreement, [Name] shall allow Ori to do a preliminary walk-through inside the house and the property.
  • At 90 days, [NAME] and Ori shall do a walk-through of the property to confirm that it has been vacated and no damage has been done since the preliminary walk-through. If the property meets those conditions, [NAME] shall sign a “release of rights to possession” (see attached page) and Ori shall hand him a $1,000.00 cashier check.

Sincerely Yours,

Ori

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  • Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    10y
    Seems like too much time. I always thought this strategy was to get someone out quickly. Like 2 weeks or less.
  • Investor · Honolulu, HI · Member since 2013 · 3k+ posts · 1k+ votes
    10y

    Are they living there rent free for the 90 days PLUS the $1,000?   If not, I'd require rent to be current.

  • Ori SklootPro Member
    OP
    Investor · Berkeley, CA · Member since 2016 · 242 posts · 304 votes
    10y

    Tenant had refused to vacate earlier and won't go without a big fight if I don't provide 90 days.  My inspection contingency period starts after the property is vacated, so I'm not concerned about the timr period. 

  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    10y

    I have to agree 3 months seems like a long time. Also you are sending a letter to a person that is not your tenant. I think the letter should come from his landlord. If the deal falls through you would still be responsible for paying him the fee. If you walk in and he has ripped out all the plumbing you still pay

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